ACCT 4317 - CH4 MC

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Which of the following procedures would an auditor most likely reply on to verify management's assertion of completeness?

Comparing a sample of shipping documents to related sales invoices.

In testing the existence assertion for an asset, an auditor ordinarily works from the

Accounting records to the supporting documents.

Which of the following statements concerning audit evidence is correct?

The measure of the reliability of audit evidence lies in the auditor's judgment.

Which of the following procedures would provide the most reliable audit evidence?

Inspection of bank statements obtained directly from the client's financial institution.

Which of the following types of audit evidence is the least reliable?

Prenumbered purchase order forms prepared by the client.

Audit evidence can come in different forms with different degrees of reliability. Which of the following is the most persuasive type of evidence?

Computations made by the auditor.

An auditor would be least likely to use confirmations in connection with the examination of

refundable income taxes.

The current file of the auditor's working papers should generally include

a copy of the financial statements.

The permanent file section of the working papers that is kept for each audit client most likely contains

narrative descriptions of the client's accounting system and control procedures.

An audit document that reflects the major components of an amount reported in the financial statements is referred to as a

Lead schedule.

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